UK banks now required to refer SMEs to alt-lenders

The U.K.’s bank referral scheme has officially kicked off. Reports by Financial Times on Tuesday (Nov. 1) said the program that requires traditional banks to refer small businesses to alternative lenders if they’re rejected for a loan has begun. “A refusal from a big bank should not be the end of the line for a small business and, thanks to the finance platforms being launched today, now it won’t be,” said Chancellor Philip Hammond in a statement. Read more: